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Managerial overconfidence, CSR and firm value

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  • Yu Gao
  • Kil-Seok Han

Abstract

The purpose of our study is to explore the relationship among managerial overconfidence, CSR and firm value. Nonlinear regression and OLS regression are used to test the hypotheses. Managerial overconfidence is measured by the integrated index. The financial data of Korean-listed companies are collected from the DataGuide5 database. The ESG rating of Koran Governance Service (KCGS) is selected as the proxy variable of CSR in Korea. Korean-listed non-financial companies from 2011 to 2016 are selected as the research sample. Empirical results show that managerial overconfidence has a significant and positive impact on firm value; Managerial overconfidence enhances firm value through CSR activities. Our study enriches the research of managerial overconfidence and provides a new perspective within the Eastern culture.

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  • Yu Gao & Kil-Seok Han, 2022. "Managerial overconfidence, CSR and firm value," Asia-Pacific Journal of Accounting & Economics, Taylor & Francis Journals, vol. 29(6), pages 1600-1618, November.
    • Handle: RePEc:taf:raaexx:v:29:y:2022:i:6:p:1600-1618
    DOI: 10.1080/16081625.2020.1830558
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    Cited by:

    1. Tarsisius Renald Suganda & Jungmu Kim, 2023. "An Empirical Study on the Relationship between Corporate Social Responsibility and Default Risk: Evidence in Korea," Sustainability, MDPI, vol. 15(4), pages 1-20, February.

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